PE-backed Ryerson raises $121 mln for IPO

Chicago-based metal distributor Ryerson, which is backed by Platinum Equity, has raised $121 million for its IPO after pricing its 11 million shares at $11 per share. The stock began trading Friday on the NYSE under the ticker symbol “RYI.”

The company originally filed for an IPO five years ago but later pulled it, citing “unfavorable market conditions.”

In addition to its U.S. home base, the company, which was founded in 1842, has operations in Mexico, Canada, China and Brazil. Its clients range from a variety of sectors that include oil and gas, industrial equipment and electrical machinery.